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of <h1>India Approves Ordinance to Ban Unregulated Deposit Schemes, Protects Citizens from Fraudulent Savings Scams.</h1> The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Unregulated Deposit Schemes Ordinance, 2019. This ordinance aims to address the issue of illicit deposit-taking activities by banning unregulated deposit schemes. It seeks to protect individuals from fraudulent operators exploiting regulatory gaps to deceive people of their savings. The ordinance includes provisions for punishment and mandates the repayment of deposits in cases where illegal schemes manage to collect funds.
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